Question: Listed below are the account balances from adjusted trial balance of FASTCARE

Service Company.

FASTCARE Service Company

Adjusted Trial Balance
December 31, 2020

Cash $ 160,500
Account payable 140,000
Equipment 250,000
Bank Loan – 5 years 100,500
Supplies 33,000
Accumulated Depreciation, Equipment 35,700
Unearned Service Revenue 146,000
Notes Payable 83,000
Stocks 500.000
Capital 1,060,100
Prepaid Rent 700,000
Account Receivable 106,500
Service Revenue 615,500
Building 570,000
Rent Expense 165,000
Salary Expense 187,000
Withdrawals 60,000
Insurance Expense 185,800
Utilities Expense 145,000
Note Payable - 2 years 195,000
Interest Expense 158,000
Land 770,000
Rent Revenue 108,000
Depreciation Expense, Building 185,000
Dividend Revenue 162,000
Accumulated Depreciation, Building 180,000

Required: Journalize closing entries for FASTCARE Service Company. Prepare an income
statement and a balance sheet.